Gregory: Previous RPM at WOT was 4600. When we first put the boat in the water after the rebuild we intentionally avoided WOT because we wanted to gently break-in the rings and new rod bearings. However, we did rev it up to 3500 several times for short periods, and we always kept it above 1500 RPM to maintain adequate cylinder pressure. But near the end of that first sea trial we noticed that it bogged down on us (at around 3000 RPM), at which point we slowed down and headed straight for the dock. At the time, I was thinking ignition components, especially since we definitely had a few total ignition cut-outs during that first run. That's why we changed the coil and the sensor in the distributor. But after we put it back in the water, we noticed that we couldn't rev up past 3000.
Sandy: Yes, it runs very smooth at 3000. As you throttle up past that point, the RPMs don't change but you can hear the engine note change as it begins to bog. That's what leads me to believe it's starving for fuel. We didn't do anything to the carb during the rebuild (we actually left it attached to the intake), but it was turned upside-down to drain the fuel. (I know, I know - stupid move...) I'm thinking that the dirt/varnish/crap at the bottom of the bowl from 20 years of running probably splashed all over the inside of the bowl, and after we put it back together and ran it, at some point some of that re-distributed trash made its way into one of the jets. However, it could also be nothing more than a loose/broken linkage. I need to verify that the secondaries are free and moving, and I also need to check the throttle cable. But assuming those are OK, it's just about got to be the jets.
As for checking vacuum, I honestly hadn't considered that. This engine has the Thunderbolt V ignition, so the timing advance is all electronic, and there aren't any vacuum hoses on the engine anywhere. But I could hook a vacuum gauge directly to the port on the carb and see what's going on... I still have a vacuum gauge in the toolbox somewhere. I think I'll bring it along next time we work on it.
Charlie: As above, the carb was inverted, and while these days that isn't usually a big deal (not compared with the carbs of old!), it can still shake up all the settled gunk in the bottom of the bowl. That's my working theory anyway. (Although as Sandy mentioned, it's also possible the linkage to the secondaries has fallen loose. I plan to check that first before we pull the carb.) As for ignition issues, I've been told the Thunderbolt V is far more reliable than the Thunderbolt IV. Also, all other ignition components have now been replaced.
The carb is actually a 750 CFM Webber. Evidently Merc moved away from the venerable Quadra-jet back in the 90's in favor of the Webber. Not really sure why, but these Webber carbs seem to be pretty bullet-proof. I had the 600 CFM Webber on my old '95 Bayliner (4.3L Merc), and I never did anything to it in the 10 years I owned the boat!
While we were running I was already thinking about the possibility that it might be fuel related. I knew that low fuel would result in a lean-burn condition, so I was listening for sucking or a pop through the carb, but I never heard it. Then again, I've only ever heard engines pop like that when accelerating suddenly from near-idle with a damaged accelerator pump. The engine revs up slightly, then stumbles and pops loudly back through the carb before catching. But we never had that problem when starting out from idle. In our case, it's more like a progressive "bog" as you slowly advance the throttle once you are already on plane, and again, RPMs do not change at all. The change in the sound of the engine is subtle, but noticeable.
Hopefully we'll have some time next week to work on it again. I feel very comfortable that it's a simple fix. (Even rebuilding the whole carb is pretty easy compared to what we've been through over the past 2 months!) With any luck, it will be back to 100% by the second week in July. I'll post again once we've done some more sleuthing. And thanks again to everyone who has offered advice throughout this process!
Adam